According to the Accenture Ninth Annual Cost of Cybercrime Report, in 2018, the average annual cost of cybercrime in the United States was $27.37 million, up more than 25 percent on the year before. Although a relatively modern phenomenon, cybercrime is increasing both in numbers and in scope. The average number of breaches in the United States was 178 in 2018, up 14 percent from the year before, with malware, botnet attacks, and malicious insider incidents all up in 2018. Whatever the industry, these are worrying trends. But aside from the costs needed to resolve cybercrime, there is another far more dangerous consequence—the erosion of trust.

Review the full article on the NACD's website.

As part of the ongoing work of the G20/OECD Inclusive Framework on Base Erosion and Profit Shifting ("Inclusive Framework"), the OECD released a public consultation document containing a Secretariat Proposal for a "Unified Approach" under Pillar One. This follows on from the program of work issued on May 31, 2019, and seeks to harmonize aspects of the three initial proposals around user participation, marketing intangibles and significant economic presence in order to develop a possible new approach. It does not, at this stage, have consensus political support from the more than 130 governments participating in the Inclusive Framework.

Review a summary on Deloitte Tax's website.

It offers an overarching framework for collaborative action to bring together different approaches for social and human capital measurement and valuation and is designed to be used alongside the Natural Capital Protocol to understand the full spectrum of business interactions with people, society and the environment.

Review the protocol on the SHCC's website.

The objective of the Register of individuals with significant control, or ISC Register, is to provide greater transparency over who owns and controls a corporation, and to help law enforcement agencies expose activities like money laundering and tax evasion.

The announcement covers:

• Defining 'individual with significant control'
• What is an ISC Register?
• What a corporation needs to do
• Access to the ISC Register
• Choosing not to create or maintain an ISC Register

Review the announcement on the Government of Canada's website.

In environments of change, professionals in a range of endeavors often fail to understand risks and their roles in managing them.

In organizations, a lack of awareness of risks, of people’s roles in controlling them, and of ways to use risk data and new technologies and tools increases the challenges of risk management and undermines the achievement of strategic goals. Most organizations understand this: More than 90 percent of the risk managers we surveyed expect risk management to become more important to achieving strategic goals in the next five years.

Since the financial crisis, many organizations have—to varying degrees—upgraded and restructured their risk management functions. Yet much work remains undone. To understand the progress made—and still to be made—Deloitte surveyed 100 executives with the title of chief risk officer (CRO) or equivalent, 100 C-suite executives not primarily responsible for risk, and 300 executives in risk-related functions such as IT and operational risk.

Review the full article on our US firm's website.

Mr. Carney says it can help to amplify the impacts of climate policies and accelerate the transition to a lower carbon economy. He calls for a step change in reporting and risk management. And he argues for an optimization of sustainable finance into everyday mainstream financial decision-making.

Review the press release and full speech on the Bank of England's website.

This year’s report provides insights that aim to help companies navigate new contexts through the lens of materiality, judgement and visual language. Three addendum reports explore distinct aspects of reporting.

Review the press release to access to all reports on the WBCSD's website.

All around the world, demand is rapidly growing for a new type of leadership capable of securing sustainable long-term value creation rather than short-term profit maximization. For decades, some owners have treated “responsibility” as the business model and have found that their returns are often superior to less principled approaches, especially when measured over the long term.

Family businesses are an important stakeholder group in this space, as they are often driven by the values and outlook of their founding families. Thinking and acting in a sustainable and long-term manner is deeply rooted in their DNA, with different levers to address global challenges, including their operating business with concentrated ownership, their investment vehicles, their philanthropic platform.

Review the press release and White Paper on the WEF's website.

Mr. Teotia had been serving as the Commission’s acting chief accountant since the departure of Wesley Bricker in June this year. Previously, he has held positions as SEC professional accounting fellow, SEC deputy chief accountant, and partner at Deloitte LLP.

For additional information, see the press release on the SEC’s Web site.

To help corporate directors and senior executives navigate these complex challenges, NACD featured two mainstage events focused on geopolitical risk and international trade at its 2019 Global Board Leaders’ Summit.

The sessions surfaced the following insights to attendees:

1. Cybersecurity remains top of mind
2. Today’s era of uncertainty will have long-lasting effects
3. Ambiguity creates room for new opportunities
4. Emerging markets will play a critical role
5. Democracy and capitalism are still wedded
6. Prepare for a continuous learning journey
7. Corporate leaders must avoid complacency

Review the article on the NACD BoardTalk's website.